A September 11, 2003 New York Times article shows that President Bush proposed the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac. Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.

Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.

worth repeating over and over..

Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.

..and over..

Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.

no collateral, no tickie.. no tickie no laundry..

who’s been taking who to the cleaners for years?

we know who always get blamed for it, regardless solid facts in evidence to the otherwise.

They have flat out robbed us.
:::::::::::
No doubt about it -— and it is not over yet. Radical government (mainly DemoRAT) corruption and malfeasance have brought this upon us. Bush tried to regulate/control FM and FM...and the DEMORATs stopped the effort....now look what we have. Now the scumbags that were hustling the institutions, are now “financial advisors” to Oba-Mao. Get the picture???

By whom to whom? The evidence is rock solid that this is a democrat debacle through and through, but the fear of losing an election, rather than saving a country, pervades the Republican cowards who infest the halls of government. So, the leftist demagogues win another round in the destruction of the most egalitarian econmomy the world has ever known.

You might discern that I have lost a substantial amount of retirement income in the last couple of days.

In June 2008 Wall Street Journal reported that Franklin Raines was one of several politicians who received below market rates loans at Countrywide Financial because the corporation considered the officeholders “FOA’s”—”Friends of Angelo” (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae. [5] Franklin Raines is currently one of Barack Obama’s chief economic advisers.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Don’t forget Jamie “The Wall” Gorelick.
That piece of human vermin lied about
the safety of financial instruments ..
and left with a $26 million package.

~~~

“Jamie Gorelick (Clinton dep AG) = $26 MILLION

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there.

During that period, FNMA developed a $10 billion accounting scandal. One example of falsified financial transactions that helped the company meet earnings targets for 1998, a manipulation that triggered multimillion-dollar bonuses for top executives.

Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of Fanny Mae. Gorelick is quoted as saying,

We believe we are managed safely. We are very pleased that Moodys gave us an A-minus in the area of bank financial strength  without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions.

One year later, Government Regulators accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses.

Johnson has long been one of Washington’s most prominent leaders, holding leadership positions in business, the arts, and politics.

Johnson began his career as a faculty member at Princeton University, later moving on to the United States Senate as a staff member and to the Dayton-Hudson Corporation (now Target Corp.) as director of public affairs. He was executive assistant to Vice President Walter Mondale during the entire Carter Administration (1977-1981). Later, he founded and headed Public Strategies, a private consulting firm, from 1981 to 1985 before leaving for Lehman Brothers.

From 1991 to 1998, he served as chairman and chief executive officer of the Federal National Mortgage Association (Fannie Mae), the quasi-public organization that guarantees mortgages for millions of American homeowners. Previously, he was vice chairman of Fannie Mae (1990-1991) and a managing director with Lehman Brothers (1985-1990). On May 22, 2008, Democratic Party officials confidentially divulged that Obama had asked Johnson “to lead the process” for selecting Obama’s running mate.[1] On June 4, 2008, Obama announced the formation of a three person committee to vet vice presidential candidates, including Johnson.[2] However, Johnson soon became a source of controversy when it was reported that he had received loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage lending crisis.[3] Although he was not accused of any wrongdoing and was initially defended by Obama on the grounds that he was simply an unpaid volunteer, Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008 in order to avoid being a distraction to Obama’s campaign.

People will see this problem has much more to do with Democrat policies than Republican. It is too bad though that this process was not stopped by Republicans. Of course the MSM will not look at any of this with objectivity.

The solution is simple, blame Bush. You know what? 50% of the country (the Dems) will buy that hook, line and sinker.

The whole concept of giving loans to people who can't afford them was a huge push towards socialism, ushered in by Carter and built upon by people like Clinton. The Dem Congress covered up for this one while it was failing, and now they want even more control of the government. Their only way to fix this mess and others on the horizon will be to go all the way... to socialism. That would not be good at all.

I watched the State of the Union addresses and I remember, at least once, Bush touting the ever growing number of minority homeowners. I have been ticked off for a year and I've been saying that either Bush knew this was coming or he should have known this was coming.

I'm glad to see that they did try to sound the alarm. But now is the time to pound this with FACTS and NAMES. I don't care how nasty and partisan they might sound. I'd rather go down in flames kicking and screaming from the rooftops, if that happens, than be "nice guys" and try to "get along".

But now is the time to pound this with FACTS and NAMES. I don't care how nasty and partisan they might sound. I'd rather go down in flames kicking and screaming from the rooftops, if that happens, than be "nice guys" and try to "get along".

Yes, if. Conservatives are being asked to believe John McCain really has the good of the country at heart--this after he issued direct hits against the Constitution and our border. George Bush has sent our boys to die in Iraq to create an Islamic republic. I don't trust the spin masters on either side, but IF he did this--John McCain should use it BIG TIME. You're going to have to pardon the if though. I don't trust GWB as being the author of anything sensible.

35
posted on 09/17/2008 10:25:03 PM PDT
by farmer18th
(Iraqi Nation Building GWB-Style: "No law that contradicts.. Islam may be established")

'These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts..."The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'

Dumbass. The WSJ saw all this coming back in 98.

36
posted on 09/17/2008 10:25:20 PM PDT
by Psycho_Bunny
(By Obama's own reckoning, isn't Lyndon LaRouche more qualified? He's run since the 70's)

While democrat finger prints are all over this, right into the Obama campaign. The GOP should be firing with both barrels at the dems on this, but they seem to be stuck on criticizing Wall Street instead....

Carl Rove was on Hannity and Colmes tonight slamming these guys and naming names! He said Bush went to congress about Fannie Mae and Freddie Mac. But guys like Barney Frank and Chris Dodd killed the measure! Some Liberal Republicans were with the Dems.

Intelligent people will see that this crisis was caused mostly by leftist Democrats, but the sheeple who get their news from the MSM will be told that it's the GOP's fault. If a hurricane hits a city, and the local Dems don't evacuate it, and don't allow FEMA in for two days, it's the GOP president's fault. If leftists give out home loans to Democrat voters who lack the means to pay them back, and this causes a financial meltdown, it's the GOP president's fault.

That's the way it will be unless the GOP fights back. Bush just sat there and let himself be blamed for Katrina. If McCain just blames this meltdown on generic "Wall Street" types without identifying the culprits, including Gorlick, Schumer, Dodd, Frank, and Obama's crony Franklin Raines (the Ken Lay of Fannie Mae), then the very people who caused the crisis will benefit politically from it.

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